The US Dollar is further losing its shine in early Thursday trading.
Markets are fretting over US GDP and Jobless Claims data.
The US Dollar Index enters trades in a bearish pattern, potentially signalling more downside ahead.
The US Dollar (USD) is receiving another hit on Thursday and doesn’t seem to need much more to fall against the canvas with a KO. The biggest reason behind the recent decline is the downbeat start of the earnings season in the US. Traders are starting to get worried about the string of earnings that paint a very mixed picture about the economy after META’s results were not well received. These reports come along with announcements of layoffs, adding to signs that the era of job tightness might be coming to an end.
On the economic data front, there is plenty of data to dive into on Thursday ahead of the earnings from Alphabet and Microsoft. The main data point is the preliminary US Gross Domestic Product (GDP) release for Q1. The main focus will be on the headline GDP and the Personal Consumption Expenditure (PCE) component. As per every week, the Jobless Claims are to be released as well, and will get an increased priority in coming weeks to see if those announced layoffs during recent earnings are materialising.
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